2015 Insolvency Statistics Released - Bankruptcy and Credit Counselling St. John's | S.R Stack Skip to content

2015 Insolvency Statistics Released

Numbers include bankruptcies and proposals to creditors
The insolvency statistics have been released by the Office of the Superintendent of Bankruptcy (OSB) for the year 2015.If the worst is yet to come for the Newfoundland economy then these numbers are not encouraging.

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The insolvency statistics have been released by the Office of the Superintendent of Bankruptcy (OSB) for the year 2015.

If the worst is yet to come for the Newfoundland economy then these numbers are not encouraging:

– Total insolvency filings (bankruptcies and proposals) up 17.4% for 2015 compared to 2014

– For the fourth quarter of 2015 total insolvency filings were up 26.2% compared to the fourth quarter of 2014

If you are struggling with a debt load that you cannot manage you are not alone. Seek advice from someone you trust such as a Licensed Insolvency Professional (Trustee in Bankruptcy) like myself.

For more details follow the link to the OSB’s website.

Did You Know?

1

Many people who file for bankruptcy get to stay in their home.

2

In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.

3

Many people who file for bankruptcy are able to keep their vehicle.

4

Most bankruptcies are NOT published in the newspaper.

5

Student loans can be included in a bankruptcy if they are more than seven (7) years old.

6

A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.

7

In NL, people ages 30 to 39 years old file for bankruptcy more than any other age group. [source]